The Pennsylvania UCC1 Financing Statement (National) is a document used to perfect a security interest in personal property. It is a legal form created under Uniform Commercial Code (UCC) law and is used by lenders to secure their loan by filing it with the Pennsylvania Secretary of the Commonwealth. The UCC1 financing statement is a type of lien that is commonly used in secured transactions and provides notice to third parties of a creditor's interest in the collateral. There are two types of Pennsylvania UCC1 Financing Statement (National): UCC1-Financing Statement (original) and UCC1-Financing Statement (continuation). The original form is used to file the original security interest and the continuation form is used to continue or renew a security interest already filed. Both forms must be signed by both the debtor and the creditor and must be filed with the Secretary of the Commonwealth to be effective.
Pennsylvania UCC1 Financing Statement (National)
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How to fill out Pennsylvania UCC1 Financing Statement (National)?
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FAQ
The Pennsylvania Uniform Construction Code (UCC) regulates the codes and standards of building projects in the Commonwealth. The UCC has been enforced since April 2004 across Pennsylvania.
Pennsylvania became the first state to enact the UCC, and it became law there on July 1, 1954. The UCC editorial board issued a new code in 1957 in response to comments from various states and a special report by the Law Revision Commission of New York State. By 1966 48 states had enacted the code.
The Pennsylvania Uniform Construction Code (UCC) regulates the codes and standards of building projects in the Commonwealth. The UCC has been enforced since April 2004 across Pennsylvania.
The Commonwealth of Pennsylvania has adopted the National UCC Financing Statement (PDF), the National UCC Financing Statement Amendment (PDF), the Information Request (PDF) and the Information Statement (PDF) as approved by the International Association of Commercial Administrators (IACA).
Pennsylvania became the first state to adopt the UCC in 1953, and every other state followed suit over the next twenty years.
In fact, it is sometimes called a UCC financing statement. A creditor files a UCC-1 to provide notice to interested parties that he or she has a security interest in a debtor's personal property. This personal property is being used as collateral in some type of secured transaction, usually a loan or a lease.
Every U.S. state and the District of Columbia have adopted at least part of the UCC (though it has not been adopted as federal law). Each jurisdiction, however, may make its own modifications (Louisiana has never adopted Article 2), and may organize its version of the UCC differently.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.